May 16, 2023
New Delhi, India
Daily Currency Market Analysis
USD/INR
Range: 83.53-83.57
The Indian Rupee ended the day mostly unchanged, supported by a resilient domestic economy and expectations of a hawkish stance from the Reserve Bank of India (RBI). India’s wholesale prices saw a year-on-year increase of 1.26% in April 2024, adding to the economic strength.
EUR/INR
Range: 89.9-90.36
The Euro steadied against the Indian Rupee as investors monitored upcoming U.S. inflation data and first-quarter GDP and employment figures for the Euro Area. Germany’s consumer price inflation was confirmed at 2.2% in April 2024, and the current account surplus narrowed to EUR 27.6 billion in March 2024 from EUR 28.8 billion the previous month. These mixed economic signals kept the Euro in check.
GBP/INR
Range: 104.48-105.06
The British Pound remained steady, with traders digesting recent labor market data and future monetary policy expectations. The UK’s unemployment rate edged up for the third consecutive month, while wage growth held steady at 6%. Bank of England Governor Andrew Bailey hinted at potential future rate cuts, indicating a more accommodative monetary policy stance going forward.
JPY/INR
Range: 53.09-53.97
The Japanese Yen weakened, raising concerns about potential intervention by Japanese authorities to support the currency. Japan’s Finance Minister Shunichi Suzuki stated that the government is coordinating with the Bank of Japan to align policy objectives regarding foreign exchange. Producer prices in Japan increased by 0.9% year-on-year in April 2024, holding steady for the second consecutive month.
Yesterday’s Closing Prices
- USD/INR: 83.54
- EUR/INR: 90.13
- GBP/INR: 104.48
- JPY/INR: 54.00
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